Hewlett Packard Enterprise
HPE NYSE Technology Hardware, Storage & Peripherals Financials FY2016–FY2025
Hewlett Packard Enterprise's revenue rose 13.8% to $34.3 billion in fiscal 2025. Its operating margin was −1.3%, down from 7.3% a year earlier. Free cash flow was $627 million, down 68.2%. It paid out $886 million in dividends and buybacks, 141% of free cash flow. The diluted share count fell 1.0%.
Hewlett Packard Enterprise in 30 seconds
Simple questions, answered from the latest annual report (fiscal 2025).
Are sales growing?
+13.8%
Yes. Sales grew 13.8% last year.
Does it make a profit?
0.2%
A little. It keeps 0.2% of every sale as profit.
Does profit turn into cash?
1.8%
Partly. 1.8% of sales ends up as free cash.
Is debt under control?
9.0x
Heavy. Repaying its debt would take 9.0 years of operating profit.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
29.4x
One share costs 29.4 times its yearly profit per share. Typical for its sector: 33.5x.
Good So-so Weak Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
The business
What does it do, and what could go wrong?
What Hewlett Packard Enterprise does
Hewlett Packard Enterprise sells computing, networking and cloud technology to businesses and governments, from small companies to large global enterprises. Its products include servers, networking equipment, and software and services for running data and artificial intelligence workloads across company data centers, the edge and the cloud.
It reports five segments: Server, Hybrid Cloud, Networking, Financial Services, and Corporate Investments and Other. The Server segment sells general-purpose servers and systems for high-performance computing and AI. Financial Services offers customers financing for technology purchases. In fiscal 2025 its server and networking products were the product categories that each brought in more than a tenth of net revenue.
HPE says one distributor accounted for about a tenth of its revenue in fiscal 2025, mainly in Server and Networking. It describes a shift toward a platform model with more software and services, and says it competes in an intensely competitive industry. Its roots go back to a partnership founded in 1939 by William Hewlett and David Packard.
- Legal name
- HEWLETT PACKARD ENTERPRISE COMPANY
- Fiscal year ends
- October 31, 2025
- Latest annual report
- 10-K · Dec 18, 2025
- Accession · CIK
- 0001645590-25-000130
0001645590
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
Hewlett Packard Enterprise had $34.3B of revenue in fiscal 2025, up 13.8% on the year before.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Net income and earnings per share
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Free cash flow was $627M in fiscal 2025, 1.8% of revenue. Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends, buybacks and share count
Hewlett Packard Enterprise returned $886M to shareholders in fiscal 2025, 141% of free cash flow. The diluted share count fell 1.0%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$46.5M
8 insiders
Of sales under plans
96%
$44.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 5, 2026 | Antonio F NeriPresident and CEO, Director | Sold plan | 250,000 | $68.31 | $17.1M | Form 4 |
| Sep 29, 2026 | rami rahimEVP, Pres GM Networking | Sold plan | 34,456 | $61.42 | $2.1M | Form 4 |
| Sep 14, 2026 | Gary M ReinerDirector | Sold | 17,000 | $56.91 | $1.0M | Form 4 |
| Sep 11, 2026 | Antonio F NeriPresident and CEO, Director | Sold plan | 250,000 | $60.44 | $15.1M | Form 4 |
| Jul 22, 2026 | Kirt P KarrosSVP, Treasurer, Corp Dev | Sold plan | 23,675 | $47.02 | $1.1M | Form 4 |
| Jun 22, 2026 | Kirt P KarrosSVP, Treasurer, Corp Dev | Sold plan | 18,785 | $48.50 | $0.9M | Form 4 |
| Jun 3, 2026 | Gary M ReinerDirector | Sold | 20,000 | $54.77 | $1.1M | Form 4 |
| May 5, 2026 | Bethany MayerDirector | Sold plan | 6,482 | $29.10 | $0.2M | Form 4 |
| May 5, 2026 | Marie MyersEVP & CFO | Sold plan | 93,583 | $30.01 | $2.8M | Form 4 |
| Apr 21, 2026 | Fidelma RussoEVP, Gm, Hybrid Cloud & CTO | Sold plan | 17,001 | $27.97 | $0.5M | Form 4 |
| Apr 20, 2026 | Neil B MacDonaldEVP, Gm, Server | Sold plan | 24,251 | $27.01 | $0.7M | Form 4 |
| Apr 17, 2026 | Antonio F NeriPresident and CEO, Director | Sold plan | 150,000 | $26.50 | $4.0M | Form 4 |
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Hewlett Packard Enterprise can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $4.0B | $4.2B | $4.3B | $14.8B | $5.8B |
| Debt incl. finance leases | $16.1B | $16.6B | $16.6B | $22.4B | $26.4B |
| Net debt / EBITDA | 3.2x | 3.8x | 2.6x | 1.6x | 9.0x |
| Debt / equity | 0.8x | 0.8x | 0.8x | 0.9x | 1.1x |
| Interest coverage | 2.3x | 1.7x | 3.0x | 2.8x | −0.4x |
| Current ratio | 0.9x | 0.9x | 0.9x | 1.3x | 1.0x |
| Quick ratio | 0.7x | 0.7x | 0.7x | 1.0x | 0.8x |
| Total assets | $57.7B | $57.1B | $57.2B | $71.3B | $75.9B |
| Total liabilities | $37.7B | $37.2B | $35.9B | $46.4B | $51.2B |
| Shareholders' equity | $20.0B | $19.9B | $21.2B | $24.8B | $24.7B |
| Net debt (− = net cash) | $12.1B | $12.4B | $12.3B | $7.6B | $20.6B |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✕ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | 6 / 8 | 6 / 8 | 4 / 8 |
| Accruals ratio | −4.2% | −2.7% | −3.9% |
| Altman Z'' | 0.30 | 1.36 | 0.38 |
Price and value
What does the share cost, and how does it compare?
Value Hewlett Packard Enterprise yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Discounted cash flow
Value per share
—
Adds net cash of −$20.6B and divides by 1,324.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 29.4x · peers 13.1x · sector 33.5x.
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Hewlett Packard Enterprise HPE | $82.1B | 13.8% | −1.3% | 1.8% | −0.9% | 29.4x | 4 | |
| Supermicro SMCI | $23.0B | 77.8% | 7.1% | −17.9% | — | — | — | Compare → |
| HP HPQ | $31.2B | 3.2% | 5.7% | 5.1% | 55.3% | 12.9x | 6 | Compare → |
| Sandisk SNDK | $191.9B | 175.3% | 61.2% | 56.8% | 105.9% | — | 7 | Compare → |
| Western Digital WDC | $132.0B | 35.7% | 34.5% | 27.2% | 52.2% | 13.3x | 7 | Compare → |
All figures
Every number, year by year.
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $30.3B | $28.9B | $30.9B | $29.1B | $27.0B | $27.8B | $28.5B | $29.1B | $30.1B | $34.3B |
| Gross profit | $17.2B | $16.2B | $16.8B | — | — | — | — | — | — | — |
| Research and development | $1.7B | $1.5B | $1.7B | $1.8B | $1.9B | $2.0B | $2.0B | $2.3B | $2.2B | $2.5B |
| Operating income | $3.9B | $564M | $1.7B | $1.3B | −$329M | $1.1B | $782M | $2.1B | $2.2B | −$437M |
| Interest expense | $547M | $599M | $631M | $608M | $603M | $501M | $471M | $709M | $777M | $1.1B |
| Pretax income | $3.9B | $272M | $268M | $1.6B | −$442M | $3.6B | $876M | $2.2B | $3.0B | −$285M |
| Income tax | $623M | −$164M | −$1.7B | $504M | −$120M | $160M | $8.0M | $205M | $374M | −$342M |
| Net income | $3.2B | $344M | $1.9B | $1.0B | −$322M | $3.4B | $868M | $2.0B | $2.6B | $57.0M |
| Diluted EPS | $1.82 | $0.21 | $1.23 | $0.77 | −$0.25 | $2.58 | $0.66 | $1.54 | $1.93 | −$0.04 |
| Diluted shares | 1.74B | 1.67B | 1.55B | 1.37B | 1.29B | 1.33B | 1.32B | 1.32B | 1.34B | 1.32B |
| Cash flow | ||||||||||
| Cash from operations | $5.1B | $1.3B | $3.0B | $4.0B | $2.2B | $5.9B | $4.6B | $4.4B | $4.3B | $2.9B |
| Capital expenditure | $3.3B | $3.1B | $3.0B | $2.9B | $2.4B | $2.5B | $3.1B | $2.8B | $2.4B | $2.3B |
| Free cash flow | $1.8B | −$1.8B | $8.0M | $1.1B | −$143M | $3.4B | $1.5B | $1.6B | $2.0B | $627M |
| Depreciation and amortization | $3.8B | $3.1B | $2.6B | $2.5B | $2.6B | $2.6B | $2.5B | $2.6B | $2.6B | $2.7B |
| Stock-based compensation | $558M | $428M | $286M | $268M | $274M | $382M | $391M | $428M | $430M | $643M |
| Acquisitions | $22.0M | $2.2B | $207M | $1.5B | $866M | $505M | $0.0M | $761M | $147M | $12.3B |
| Share buybacks | $2.7B | $2.6B | $3.6B | $2.2B | $355M | $213M | $512M | $421M | $150M | $202M |
| Dividends paid | $373M | $428M | $570M | $608M | $618M | $625M | $621M | $619M | $676M | $684M |
| Dividends and buybacks | $3.0B | $3.0B | $4.1B | $2.9B | $973M | $838M | $1.1B | $1.0B | $826M | $886M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $13.0B | $9.6B | $4.9B | $3.8B | $4.2B | $4.0B | $4.2B | $4.3B | $14.8B | $5.8B |
| Total debt | $14.9B | $13.2B | $11.3B | $17.3B | $18.6B | $16.0B | $16.6B | $16.6B | $22.4B | $26.4B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $58.0M | $53.0M | $48.0M | $43.0M | $38.0M | $31.0M |
| Current assets | $28.9B | $21.4B | $17.3B | $15.1B | $16.6B | $18.9B | $20.5B | $18.9B | $33.5B | $25.0B |
| Current liabilities | $22.5B | $18.9B | $17.2B | $19.2B | $18.7B | $20.7B | $23.2B | $21.9B | $26.0B | $24.6B |
| Inventory | $1.7B | $2.3B | $2.4B | $2.4B | $2.7B | $4.5B | $5.2B | $4.6B | $7.8B | $6.4B |
| Property and equipment, net | $6.4B | $6.3B | $6.1B | $6.1B | $5.6B | $5.6B | $5.8B | $6.0B | $5.7B | $6.0B |
| Total assets | $79.6B | $61.4B | $55.5B | $51.8B | $54.0B | $57.7B | $57.1B | $57.2B | $71.3B | $75.9B |
| Total liabilities | $48.1B | $37.9B | $34.2B | $34.7B | $37.9B | $37.7B | $37.2B | $35.9B | $46.4B | $51.2B |
| Shareholders' equity | $31.4B | $23.5B | $21.2B | $17.1B | $16.0B | $20.0B | $19.9B | $21.2B | $24.8B | $24.7B |
| Margins | ||||||||||
| Gross margin | 56.9% | 56.0% | 54.4% | — | — | — | — | — | — | — |
| Operating margin | 12.9% | 2.0% | 5.6% | 4.4% | −1.2% | 4.1% | 2.7% | 7.2% | 7.3% | −1.3% |
| EBITDA margin | 25.4% | 12.5% | 14.0% | 13.1% | 8.5% | 13.4% | 11.5% | 16.2% | 15.8% | 6.7% |
| Net margin | 10.4% | 1.2% | 6.2% | 3.6% | −1.2% | 12.3% | 3.1% | 7.0% | 8.6% | 0.2% |
| FCF margin | 5.9% | −6.2% | 0.0% | 3.9% | −0.5% | 12.1% | 5.2% | 5.5% | 6.6% | 1.8% |
| Returns | ||||||||||
| Return on capital | 9.0% | 1.9% | 6.3% | 3.0% | −0.9% | 3.5% | 2.4% | 5.8% | 5.8% | −0.9% |
| Return on capital employed | 6.8% | 1.1% | 4.3% | 3.6% | −1.0% | 3.1% | 2.2% | 6.0% | 5.4% | −0.9% |
| Return on equity | 9.7% | 1.3% | 8.5% | 5.5% | −1.9% | 19.0% | 4.4% | 9.9% | 11.2% | 0.2% |
| Return on assets | 4.0% | 0.5% | 3.3% | 2.0% | −0.6% | 6.1% | 1.5% | 3.5% | 4.0% | 0.1% |
| Growth | ||||||||||
| Revenue growth | −2.6% | −4.7% | 6.9% | −5.6% | −7.4% | 3.0% | 2.6% | 2.2% | 3.4% | 13.8% |
| Net income growth | 28.4% | −89.1% | 454.7% | −45.0% | −130.7% | — | −74.7% | 133.3% | 27.4% | −97.8% |
| EPS growth | 35.8% | −88.5% | 485.7% | −37.4% | −132.5% | — | −74.4% | 133.3% | 25.3% | −102.1% |
| FCF growth | 460.3% | −201.5% | — | 14,162.5% | −112.5% | — | −56.3% | 8.8% | 23.4% | −68.2% |
| Share count change | −5.2% | −3.7% | −7.2% | −12.0% | −5.3% | 2.8% | −0.6% | −0.5% | 1.6% | −1.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.3x | 1.0x | 1.5x | 3.6x | 6.3x | 3.2x | 3.8x | 2.6x | 1.6x | 9.0x |
| Debt / equity | 0.5x | 0.6x | 0.5x | 1.0x | 1.2x | 0.8x | 0.8x | 0.8x | 0.9x | 1.1x |
| Interest coverage | 7.1x | 0.9x | 2.8x | 2.1x | −0.6x | 2.3x | 1.7x | 3.0x | 2.8x | −0.4x |
| Current ratio | 1.3x | 1.1x | 1.0x | 0.8x | 0.9x | 0.9x | 0.9x | 0.9x | 1.3x | 1.0x |
| Quick ratio | 1.2x | 1.0x | 0.9x | 0.7x | 0.7x | 0.7x | 0.7x | 0.7x | 1.0x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 10.8% | 10.9% | 9.6% | 9.8% | 8.8% | 9.0% | 11.0% | 9.7% | 7.9% | 6.7% |
| Stock comp / revenue | 1.8% | 1.5% | 0.9% | 0.9% | 1.0% | 1.4% | 1.4% | 1.5% | 1.4% | 1.9% |
| Payouts / FCF | 170.9% | — | 51,725.0% | 250.4% | — | 24.9% | 77.0% | 65.0% | 41.8% | 141.3% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 5.0 | 6.0 | 5.0 | 4.0 | 6.0 | 4.0 | 6.0 | 6.0 | 4.0 |
| Altman Z'' | 1.7 | 0.6 | 0.5 | −0.3 | −0.4 | 0.2 | 0.0 | 0.3 | 1.4 | 0.4 |
| Accruals ratio | −2.4% | −1.4% | −1.8% | −5.5% | −4.8% | −4.4% | −6.5% | −4.2% | −2.7% | −3.9% |
Source: SEC EDGAR XBRL filings (CIK 0001645590). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.